ENVIRONMENTAL MARKETS
California’s eighth quarterly carbon allowance auction signals a positive trend, with Advance allowance sales at 70 percent compared to 44 percent in the previous auction. On August 21, 2014, the California Air Resources Board (CARB) released results of its eighth quarterly carbon allowance auction held on August 18. CARB offered allowances under Current Auction (2014…...
Federal lands contain significant oil and gas reserves, however federal staffing resource challenges have led to decreases in resource development and delayed state and federal revenue. The proposed BLM Permit Processing Improvement Act of 2014 (S. 2440) has significant bipartisan support, and its passage would expand and extend upon the current federal land permitting program…...
The United States is set to begin construction this year on its first offshore wind farm – the Cape Wind Project, led by Cape Wind Associates, LLC – located off the coast of Cape Cod, Massachusetts. The 130-turbine, 468 MW Cape Wind Project would more than quadruple Massachusetts’ current wind power capacity (Figure 1),…...
Rhode Island’s climate law prioritizes climate adaptation, emissions reduction, and institutional design to address climate change. The Resilient Rhode Island Act of 2014 (H 7904) is the state’s first climate bill and aims to make the state economy and society resilient to the effects of a changing climate. Signed into law on July 2, and ceremonially signed on August 1,…...
During a Trade and Investment Mission to Mexico, California Governor Brown signed agreements with Mexico to enhance cooperation on environmental issues and encourage cross-border clean energy investments. On July 28, 2014, California Governor Edmund G. Brown, Mexico’s Ministry of Environment and Natural Resources Undersecretary Rodolfo Lacy, and Mexican National Forestry Commission Director General Jorge Rescala…...
Renewable Heat NY will facilitate a sustainable, high-efficiency, and low-emissions wood heating sector across New York. On July 29, 2014, Governor Andrew M. Cuomo launched Renewable Heat NY, a $27M initiative aimed to build market for high-efficiency, low-emissions wood-fired heating systems across state. The initiative will offer incentives to replace highly polluting outdoor and indoor…...
DOT has released a rulemaking proposal for safe rail transportation of flammable material based on new Bakken crude oil data. On July 23, 2014, the Department of Transportation (DOT) released a rulemaking proposal to improve rail transportation safety for crude oil, ethanol, and other flammable materials. The proposal includes a Notice of Proposed Rulemaking (NPRM)…...
NASA has launched a new mission to measure global distribution of carbon dioxide sources and sinks. On July 2, 2014, the National Aeronautics Space Administration (NASA) launched the Orbiting Carbon Observatory-2 (OCO-2) dedicated to study the Earth’s carbon dioxide (CO2) sources and sinks. The observatory, launched on a United Launch Alliance Delta II rocket from…...
The Supreme Court has ruled that EPA exceeded its statutory authority in interpreting Clean Air Act requirements by requiring permits based solely on GHG emissions. On June 23, 2014, the U.S. Supreme Court ruled that the Environmental Protection Agency’s (EPA) greenhouse gas (GHG) emissions regulations for new motor vehicles did not automatically trigger permitting requirements…...
California and Quebec have announced plans to hold the first joint carbon auction under their linked emission trading programs in November. On June 3, 2014, the California Air Resources Board (CARB) and Quebec’s Ministry of Sustainable Development, Environment and the Fight against Climate Change (MDDELCC) announced plans to conduct a joint carbon allowances auction under…...
The EPA stressed State flexibility in its Clean Power Plan to reduce emissions 30 percent by 2030. Overview On June 2, 2014, the U.S. Environmental Protection Agency (EPA) proposed its Clean Power Plan to set carbon pollution guidelines for existing power plants and emission standards for modified and reconstructed power plants. The proposal is key…...
The 24th RGGI carbon auction sold allowances at $5.02 each, generating approximately $90.67M. On June 6, 2014, the nine member states of the Regional Greenhouse Gas Initiative (RGGI) released the results of their 24th carbon auction held on June 4. Auction 24 offered 18,062,384 allowances at a reserve price of $2.00 each. All allowances sold at…...